Senior News Line: What shall we do with the extra $50?

Social Security payments are going up 2.5% starting in January, which comes to an average $50 increase for the 72 million recipients. That’s less than the increase for 2024, and the previous year, and the previous year.

Your 2025 statement detailing your specific amount should arrive in the mail in early December. Read it to be sure you don’t spot any mistakes.

Medicare cost is getting a bump, from $174 to $185. Keep an eye out for your annual booklet “Medicare & You” to come in the mail.

Remember: Upon reaching age 65, you still need to sign up for Medicare within three months of your birthday.

Social Security fraud is still a big problem. If you suspect someone has tried to scam you, call the Inspector General’s Fraud Hotline at 800-269-0271 and report it.

If you’re scrambling and watching your savings dwindle because of the rising cost of, well, everything and you know that the Social Security increase won’t make a dent, give your finances a good hard look.

Some ideas: Put off buying a new winter coat for one more year. Buy food in bulk and split with a friend or neighbor. Look for community rabies and distemper shot events to lower the cost of vaccines for your pet. Put clear plastic on the windows to block chilly breezes.

Ask for discounts everywhere you go and shop on seniors discount days. Apply for energy, phone and internet assistance money. Consider a part-time job one day per week.

If you can pay for the whole year on your auto or homeowner insurance, you might get a significant discount. Review your subscriptions and cable TV extras and see if you can delete any of them.

Try out cheaper store brands. Explore GoodRx and America’s Pharmacy for reduced prescription costs.

In short, look for spare dollars anywhere you can find them, because that extra $50 isn’t going to go very far.